Cost of Memory Care in Carmel, IN
The cost of memory care in Carmel, Indiana ranges from $3,600 per month for a private apartment to $9,000 per month for a one-bedroom apartment. The average cost is $5,238 per month or $62,856 per year.*
Carmel, Indiana is often voted Best Places to Live in America, known for its 129 roundabouts, incredible education, and vibrant social opportunities. Located north of Indianapolis, this charming town offers a variety of things for each type of resident. Their award-winning healthcare options enable its residents to feel safe and secure where they are. This place may have a small-town feeling, but with a population of 92,198 residents makes it an ideal place for the whole family.
Carmel Memory Care Pricing Models
When you begin touring memory care facilities in Carmel, arrive prepared with a variety of questions to assist you in learning more about their community. You can find a comprehensive list of questions about memory care here. Asking questions will help you to gain clarity on their pricing, as each location will be different. In memory care, the biggest differentiator is the level of training of their staff; those who are Certified Dementia Care practitioners have received extensive knowledge in the area of dementia care and can provide an understanding and caring environment for their residents.
It’s best to fully understand pricing models and ask in-depth questions so you won’t encounter unexpected costs or hidden fees. While searching for memory care, you’ll find that there are three different pricing models communities generally use. Each of them varies with what is included in the pricing and what services/amenities costs extra.
1. The “All-Inclusive” Model
The “all-inclusive” pricing model is preferred for its predictability and simplicity for month-to-month costs. If any unexpected medical issues arise, you won’t be required to pay more, and the increased memory care services will be covered by your current fee. Since the meaning of “all inclusive” varies between communities, you should ask for the full list of what is included in the monthly fee to hinder any unexpected costs. Where some communities may offer a service like transportation to appointments as part of the price, others may include it as an additional fee on top of the flat monthly fee. While the cheaper option may seem more appealing, it’s best to read the fine print.
Example: Mr. Walter is comparing two communities for his father with dementia and both use the “all-inclusive” pricing model. Community A is $5,000 per month, and the fee includes rent, home furnishings, 3 meals per day plus snacks, utilities (water, electric, gas, cable), laundry services, housekeeping services, transportation to appointments, assistance with bathing, dressing, eating, continence, and mobility from a certified professional. Community B is $4,000 per month, and the fee includes: rent, home furnishings, and 3 meals per day. Since Community B doesn’t include all of the options that community A does, those additional services must be paid for and added on top of the $4,000 base price.
2. The “Levels of Care” Model
Also known as “Tiered Pricing”, this model is beneficial for those who want their bill to be consistent with their current care needs. This can be a riskier option, since needs may unexpectedly change and cause the individual to require a higher level of care, making the fee more expensive than originally expected. Their ‘level’ or ‘tier’ is assigned and regularly re-assessed for changes. Individuals who need little to no care/assistance would be placed into the lowest level of care, which is also the least expensive. On the opposite side, those who require a significant amount of care would be placed into a higher level of care, with costs that are more expensive. In addition, if an unexpected need comes up, they will be charged “a la carte” for additional services that are not included.
Example: Mrs. Jones joins the community and only requires medication management. She is assessed at a Tier 1 level of care, and her fee will be $2,500 per month. In 5 months, Mrs. Jones has unexpected health issues and now requires assistance with dressing, eating, and mobility. Due to the increase in assistance, she is re-assessed to Tier 4 level and her monthly fee will rise to $8,000 per month.
At The Stratford, we offer all-inclusive pricing because we want our memory care staff to focus on providing care, not calculating it. To learn more about memory care at The Stratford, click here.
*Pricing is based on information availability and is subject to change.